We've noted that hackers have trained their weapons on a growing list of targets [1], which now includes small enterprises and public enterprises. The step-up in activity seems to be continuing.

Information Week notes the case of the Duanesburg Central School District in Schenectady County, New York, which recently found itself under attack. Online thieves were able to compromise the system to make unauthorized transfers from the school district's accounts at NBT Bank to an overseas bank in a four-day spree last month. NBT Bank's system flagged the third transaction and was ultimately able to recovere $2.5 million out of the $3 million stolen.

The school district considers itself lucky. But $500,000 of taxpayer money--sorely need at this time--has not been recovered. The thieves are no doubt celebrating. The FBI is looking into the case, warning against a rise in this sort of activity in municipalities and schools. It's increasingly clear that two-factor authentication is no longer adequate [2]. 

For more:
- here's the article [3]

Related Articles:
Is two-factor authentication now passe?
[4]A good case for two-factor authentication [5]
Technology vs. walk-in bank robbers
[6]Group suggests path to cyber security [7]